Cedar Bluff Utilities Board Approves Financing for New Water Tower Project
The Cedar Bluff Utilities Board approved financing for a new water tower through the Alabama Department of Environmental Management. The funding includes 40% principal forgiveness, with repayment estimates around $10,301 per month over 20 years at a 2.75% interest rate. The board aims to secure additional funding to reduce the town's share to 20%. The project will enhance water pressure and reliability for residents.
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The Cedar Bluff Utilities Board voted to finance a new water tower through the Alabama Department of Environmental Management State Revolving Fund. The funding structure allows for 40% principal forgiveness.
Board members estimate a maximum repayment of $10,301 per month over 20 years at 2.75% interest. They are pursuing additional funding to reduce the town's share to 20%. The project includes the construction of a new water tower and pump station, with plans to seek further assistance from state officials. If completed, the tower will serve Cedar Bluff residents for generations.
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